
	At June 30, 2026
$ in millions	Amortized Cost1		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. Treasury securities	$	76,066	$	85	$	125	$	76,026
U.S. agency securities2	24,131		35		1,962		22,204
Agency CMBS	5,006		1		270		4,737


State and municipal securities	2,142		20		9		2,153
FFELP student loan ABS3	417		1		6		412

Unallocated basis adjustment4	(1)		1		—		—
Total AFS securities	107,761		143		2,372		105,532
HTM securities
U.S. Treasury securities	8,455		—		704		7,751
U.S. agency securities2	36,738		45		6,802		29,981
Agency CMBS	589		—		38		551
Non-agency mortgage-backed securities	1,965		38		48		1,955
Total HTM securities	47,747		83		7,592		40,238
Total investment securities	$	155,508	$	226	$	9,964	$	145,770


	At December 31, 2025
$ in millions	Amortized Cost1		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. Treasury securities	$	80,745	$	187	$	25	$	80,907
U.S. agency securities2	24,031		24		1,943		22,112
Agency CMBS	5,504		1		286		5,219


State and municipal securities	1,754		10		17		1,747
FFELP student loan ABS3	486		1		6		481

Unallocated basis adjustment4	2		—		2		—
Total AFS securities	112,522		223		2,279		110,466
HTM securities
U.S. Treasury securities	12,299		—		663		11,636
U.S. agency securities2	38,303		67		6,785		31,585
Agency CMBS	709		—		43		666
Non-agency mortgage-backed securities	1,779		12		63		1,728
Total HTM securities	53,090		79		7,554		45,615
Total investment securities	$	165,612	$	302	$	9,833	$	156,081

AFS Securities in an Unrealized Loss Position


	At June 30, 2026				At December 31, 2025
$ in millions	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities
Less than 12 months	$	25,843	$	124	$	47	$	—
12 months or longer	332		1		7,440		25
Total	26,175		125		7,487		25
U.S. agency securities
Less than 12 months	1,465		2		75		—
12 months or longer	14,735		1,960		17,290		1,943
Total	16,200		1,962		17,365		1,943
Agency CMBS
Less than 12 months	309		1		133		—
12 months or longer	4,109		269		4,675		286
Total	4,418		270		4,808		286








State and municipal securities
Less than 12 months	80		1		360		4
12 months or longer	347		8		382		13
Total	427		9		742		17
FFELP student loan ABS

12 months or longer	339		6		383		6
Total	339		6		383		6




Unallocated basis adjustment	—		—		—		2
Total AFS securities in an unrealized loss position
Less than 12 months	27,697		128		615		4
12 months or longer	19,862		2,244		30,170		2,273
Unallocated basis adjustment	—		—		—		2
Total	$	47,559	$	2,372	$	30,785	$	2,279

For AFS securities, the Firm believes there are no securities in an unrealized loss position that have credit losses after performing the analysis described in Note 2 in the 2025 Form 10-K and the Firm expects to recover the amortized cost basis of these securities. Additionally, the Firm does not intend to sell these securities and is not likely to be required to sell these securities prior to recovery of the amortized cost basis. As of June 30, 2026 and December 31, 2025, the securities in an unrealized loss position are predominantly investment grade.

The HTM securities net carrying amounts at June 30, 2026 and December 31, 2025 reflect an ACL of $60 million and $60 million, respectively, predominantly related to Non-agency mortgage-backed securities. See Note 2 in the 2025 Form 10-K for a description of the ACL methodology used for HTM Securities.

As of June 30, 2026 and December 31, 2025, 96% and 97%, respectively, of the Firm’s portfolio of HTM securities were investment grade U.S. agency securities, U.S. Treasury securities and Agency CMBS, which were on accrual status and for which there is an underlying assumption of zero credit losses. Non-investment grade HTM securities primarily consisted of certain Non-agency mortgage-backed securities, for which the expected credit losses were insignificant and were predominantly on accrual status at June 30, 2026 and December 31, 2025.

See Note 14 for additional information on securities issued by VIEs, including U.S. agency mortgage-backed securities, non-agency mortgage-backed securities, and FFELP student loan ABS.

Investment Securities by Contractual Maturity


	At June 30, 2026
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield2,3
AFS securities
U.S. Treasury securities:
Due within 1 year	$	32,554	$	32,536	4.0	%
After 1 year through 5 years	43,438		43,415		3.9	%
After 5 years through 10 years	74		75		4.2	%

Total	76,066		76,026
U.S. agency securities:
Due within 1 year	7		8		1.4	%
After 1 year through 5 years	254		240		1.8	%
After 5 years through 10 years	253		229		1.5	%
After 10 years	23,617		21,727		3.3	%
Total	24,131		22,204
Agency CMBS:
Due within 1 year	305		303		2.2	%
After 1 year through 5 years	3,612		3,536		1.9	%
After 5 years through 10 years	174		170		1.6	%
After 10 years	915		728		1.6	%
Total	5,006		4,737












State and municipal securities:
Due within 1 year	722		723		4.3	%
After 1 year through 5 years	126		123		4.8	%
After 5 years through 10 years	312		314		4.6	%
After 10 Years	982		993		4.6	%
Total	2,142		2,153
FFELP student loan ABS:
Due within 1 year	54		52		4.7	%
After 1 year through 5 years	63		61		4.6	%
After 5 years through 10 years	4		4		0.9	%
After 10 years	296		295		4.7	%
Total	417		412






Unallocated basis adjustment4	(1)		—		—
Total AFS securities	$	107,761	$	105,532	3.7	%


	At June 30, 2026
$ in millions	Amortized Cost1		Fair Value		Annualized Average Yield2
HTM securities
U.S. Treasury securities:
Due within 1 year	$	1,651	$	1,630	2.2	%
After 1 year through 5 years	5,252		5,050		2.7	%

After 10 years	1,552		1,071		2.3	%
Total	8,455		7,751
U.S. agency securities:

After 1 year through 5 years	127		121		2.0	%
After 5 years through 10 years	13		12		2.4	%
After 10 years	36,598		29,848		2.1	%
Total	36,738		29,981
Agency CMBS:
Due within 1 year	282		278		1.4	%
After 1 year through 5 years	193		180		1.3	%
After 5 years through 10 years	91		75		1.5	%
After 10 years	23		18		1.3	%
Total	589		551
Non-agency mortgage-backed securities
Due within 1 year	208		224		4.5	%
After 1 year through 5 years	814		803		4.3	%
After 5 years through 10 years	301		289		5.1	%
After 10 years	642		639		6.5	%
Total	1,965		1,955
Total HTM securities	$	47,747	$	40,238	2.3	%
Total investment securities	$	155,508	$	145,770	3.3	%

1.Amounts are net of any ACL.

2.Annualized average yield is computed using the effective yield, weighted based on the amortized cost of each security. The effective yield is shown pre-tax and excludes the effect of related hedging derivatives.

3.At June 30, 2026, the annualized average yield, including the interest rate swap accrual of related hedges, was 3.9% for AFS securities contractually maturing within 1 year and 3.7% for all AFS securities.

4.Represents the amount of unallocated portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Portfolio layer method basis adjustments are not allocated to individual securities. Refer to Note 2 and Note 6 herein for additional information.

Gross Realized Gains (Losses) on Sales of AFS Securities


	Three Months Ended June 30,				Six Months Ended June 30,
$ in millions	2026		2025		2026		2025
Gross realized gains	$	10	$	1	$	18	$	22
Gross realized (losses)	(2)		(1)		(5)		(1)
Total1	$	8	$	—	$	13	$	21

1.Realized gains and losses are recognized in Other revenues in the income statement.